Russia's export business
Despite a drop in 2009 and 2010, probably due to the global economic crisis, the value of total Russian exports has fully recovered and even reached a new peak in 2012. However, due to falling oil and gas prices and international tensions because of the invasion of Ukraine, Russia has seen another slight drop in export values in 2014. Even so, Russia remains one of the largest exporters of goods on the world stage and currently ranks eleventh on the list of top 20 export countries.
Russia is rich in natural resources with large natural gas, coal and oil reserves. These resources and more are exported to countries around the world, with the highest share of exports going to the Netherlands, Germany and China, followed by Italy and Turkey. Almost 20 percent of natural gas exports go to Germany alone. Other recipients of large shares of Russian natural gas include Turkey and Italy.
While Europe has already placed sanctions on Russia because of the conflict with Ukraine, tensions continue to rise as Russia’s actions and involvement in Syria become increasingly questionable. Furthermore, Turkey’s decision to shoot down a Russian warplane for violating its airspace further strained relations with one of Russia’s main export destinations.